2023年年报点评：23年办展硕果累累，处于清晰的向上通道

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 40.33 CNY [2][16]. Core Viewpoints - The company has achieved remarkable results in 2023, with a record high in exhibition scale, benefiting from favorable trade policies such as the Belt and Road Initiative and RCEP agreement. The company organized nearly 8,800 overseas exhibitions, with over 13,000 booths, accounting for more than 50% of the approved overseas exhibition projects in 2023 [1][2]. - The company's net profit for 2023 reached 188 million CNY, representing a year-on-year increase of 273.54%, primarily due to a significant increase in revenue from overseas self-organized exhibitions. The earnings per share (EPS) for 2023 was 1.24 CNY, up 264.71% year-on-year [13][14]. - The company is advancing its professional and digital exhibition capabilities, transitioning from comprehensive exhibitions to eight specialized exhibitions, enhancing service capabilities and brand strength. The use of AI in data matching and content generation is also being implemented [14]. Financial Forecast and Key Indicators - The company is projected to achieve a net profit of 273 million CNY in 2024, 359 million CNY in 2025, and 459 million CNY in 2026, with corresponding price-to-earnings (PE) ratios of 23x, 17x, and 13x respectively [2][3]. - Revenue is expected to grow from 835 million CNY in 2023 to 1.666 billion CNY in 2026, with growth rates of 139.7% in 2023, 27.7% in 2024, and 25% in the following years [3][17]. - The gross profit margin for 2023 was 50.1%, with a projected increase to 52.1% in 2024 [13][7]. - The company's total assets are forecasted to grow from 868 million CNY in 2023 to 980 million CNY in 2026, while the debt-to-asset ratio is expected to rise from 21.77% to 42.23% over the same period [8][7].